DFX Intelligence
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C•••••• C••••• S••••••••• I•••
Business development companymanaged by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••Non-traded· NEW YORK, NY
A non-traded business development company, managed by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••, holding $2.8B across 224 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $2.8B
- Borrowers
- 224
- Mark on cost
- 96.7¢
- First lien
- 89%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $58.1Mon non-accrual, 3 borrowers
3 borrowers on non-accrual, $58.1M principal; the largest is U• I•••• S••• B••••• L•• ($50.5M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen U• I•••• S••• B••••• L•• → - $57.7Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $57.7M principal: U• I•••• S••• B••••• L•• ($50.5M), P•••••• C•••••• I•• ($7.22M).
Q2 2026 · The newest credit problems in the book.
- 7 below 80¢$104M principal
7 positions across 5 borrowers marked below 80¢ on cost, $104M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 97.8¢ → 96.7¢book mark on cost
Marked its book down from 97.8¢ to 96.7¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
- 47 → 51loans paying in kind
Loans paying in kind rose from 47 to 51 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Every headline figure, and the identifiersCIK 1702510 · file 814-01248ShowHide
Fair value
$2.8B
as of Jun 30, 2026
Principal held
$2.8B
debt pieces, the filer's figure
Cost
$2.8B
97c on cost, debt pieces
Unfunded
$474M
commitments not yet drawn
Positions
480
224 borrowers
First lien
89%
94% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
414
27 sponsors financed
Portfolio through time
Fair value by quarter end$2.8B as of Jun 30, 2026
Dec 31, 2022$2.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $2.8B | 224 | 97c | 51 | 536 bp |
| Mar 31, 2026 | $2.6B | 216 | 98c | 47 | 534 bp |
| Dec 31, 2025 | $2.8B | 210 | 99c | 42 | 555 bp |
| Sep 30, 2025 | $2.4B | 166 | 99c | 41 | 559 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $2.2B | 157 | 98c | 35 | 559 bp |
| Mar 31, 2025 | $2.0B | 146 | 97c | 28 | 578 bp |
| Dec 31, 2024 | $6.0B | 166 | 97c | 92 | 579 bp |
| Sep 30, 2024 | $1.7B | 133 | 98c | 18 | 600 bp |
| Jun 30, 2024 | $1.7B | 125 | 98c | 18 | 621 bp |
| Mar 31, 2024 | $1.8B | 133 | 98c | 18 | 612 bp |
| Dec 31, 2023 | $3.5B | 131 | 96c | 43 | 619 bp |
| Sep 30, 2023 | $1.8B | 129 | 96c | 16 | 646 bp |
| Jun 30, 2023 | $1.9B | 132 | 96c | 14 | 646 bp |
| Mar 31, 2023 | $2.0B | 131 | 97c | 13 | 649 bp |
| Dec 31, 2022 | $2.1B | 131 | 97c | 15 | 641 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- T••• B•••• A• first lien term loan2 BDCs hold it · matures Jun 1, 2033$74.2M 96c
- E••••• B•••• A• first lien term loan2 BDCs hold it · matures May 12, 2033$61.4M 93c
- U• I•••• S••• B••••• L•• first lien term loan3 BDCs hold it · matures Jun 13, 2028$50.5M 31c
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$47.9M 99c
- C••••• S••••••• I•• first lien term loan4 BDCs hold it · matures Nov 1, 2032$44.8M 100c
- M•••••••• L• first lien term loan10 BDCs hold it · matures Sep 30, 2032 · possible sponsor T••• W••• C•••••• M••••••••• L•••$41.0M 101c
- H•••••••• H••• S•••••••• I•• first lien term loan8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•$37.3M 99c
- S••••••• B•••••• L•• first lien term loan7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••$36.8M 101c
- C••••••••• L•• first lien term loan12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••$36.1M 100c
- E•••••• L•• first lien term loan2 BDCs hold it · matures Sep 14, 2030$35.7M 97c
- I•••••• L••••••••• F•••••• S•• R•• first lien term loan2 BDCs hold it · matures May 28, 2027$35.4M 95c
- N•••• H•••• F•••••• B••••• L•• first lien term loan4 BDCs hold it · matures May 17, 2028$35.2M 100c
Schedule of investments at Jun 30, 2025
364 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••••••• R••• M••••••••• G••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| G••••••••• S•••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| M•••••• M••••••••• T••••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| V•••••• E••••••• S•••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| T•• C•••••• G••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| E••••••• B•••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| P••••• I••••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| C••••••• B••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| S•••••• B••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| P•• H••••••• I• C•••• | revolver second lien | Not disclosed | Not disclosed | ||
| D•••• M•••• S••••••• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C•••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•••••• I••••••••• H•••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| A•••••• H•••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| R•••••• P•••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| P•• B•••• L•••••• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•••••• T•••••••• S•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A••••••• B••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A••••••• B••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| H• S•• H••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| M••••••• A••••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| W•••• 5•• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| G•••••• P•••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| A•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| T•••• P•••• L•••••• ••••••• | revolver second lien | Not disclosed | Not disclosed | ||
| T•••• B••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| S•••••••• H•••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| R•• O••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| H•••••••• H••• S•••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| E•••••••• S••••••• H•••••• C••••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| Q•• P•••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| M••••••• H•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| H•••••• A••••••••• L•••••• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C••••• S••••••• I••• ••••••• | revolver second lien | Not disclosed | Not disclosed | ||
| I•• H•••••• C•••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| H•••••• I••••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| H••••••• B••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| C••••••• B••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•• T•••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| B•••••••• S••••• •••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| E•••••••• S••••••• H•••••• C••••••••• | revolver second lien | Not disclosed | Not disclosed | ||
| G••••• ••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| S••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| U••••• F••• T••••••••• I••••••••• H••••• I•• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A• P••••••• A••••••••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•••••• T•••••••• S•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| i••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| S••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| Q•• P•••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| N•••• H•••••• C•••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| I•••••• P•••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| A•••••• B••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| B•••• G•••• B••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A••••• A••••••••• C••• I• | revolver second lien | Not disclosed | Not disclosed | ||
| A•••••• T•••••••• S•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| S•• B•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| B•••• S••••• •••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C•• H•••••• C•••••• | revolver second lien | Not disclosed | Not disclosed | ||
| I•• H•••••• C•••• | revolver second lien | Not disclosed | Not disclosed | ||
| I• I••••••••• H•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| U••••• F••• T••••••••• I••••••••• H••••• I•• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| C••••••••• H•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| N•••• B••••• S••••• •••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| E••••••• L•••••• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed |
Page 4 of 4Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2019 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- TCG BDC II, Inc.reported
- Latest schedule
- 0001702510-26-000084reported